Anyone planning to take up an equity release ought to keep up to date with the relevant equity release news ensuring that they do not miss any important press releases that might lead to massive savings, and great equity release deals. For instance, Hodge Lifetime recently announced that they are launching a new lifetime mortgage plan, which will allow their clients to draw down as little as £1,000. This drawdown lifetime mortgage plan will allow customers to withdraw a minimum initial amount of £15,000 and thereafter they can withdraw approximately £1,000 from a reserve facility depending on their needs, with the maximum loan amount being £500,000.
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Another feature the Hodge Flexible Lifetime mortgage possesses is the flexible repayment option which allows one to repay up to 10% of the amount borrowed each year, by using a maximum of 2 repayments annually. Furthermore, the Downsizing Protection Option allows one to move house after 5 years and pay off the debt without incurring any early repayment charges. These kinds of equity release news features should be broadcast in lights, with such wonderful and flexible features than of old and makes the plan very attractive. This is the kind of news transforming the equity release market and unless one keeps up to date with the news, they stand to lose out on major saving opportunities.
The Hodge Lifetime product is currently available to people who are aged above 60, and they can access it at the rate of 5.83% for the lump sum option. On the other hand, the loan to value available for customers is 20 – 45%.
This product is ideal for people who like to have control over the roll-up interest over time and who might prefer to use the option to make ad-hoc repayments, and also the ones who like financial flexibility. Your age and property value will determine the amount that you can release, in which case the older you are and the better the property, the more the amount you get.
Recently, enhanced lifetime mortgage lender – more2life also started a drawdown lifetime mortgage that enables their borrowers to withdraw about £5,000 each time, after withdrawing the initial minimum amount of £10,000. Both service providers are offering their customers great flexibility by offering reasonably withdrawals and at competitive interest rates and with a free valuation with certain brokers such as Equity Release Supermarket.
The above are just some of the headlines and products in equity release news. After reading these headlines and considering what you might need in retirement, you should have a good idea of why it is important to stay updated. You have at least one place to do so with the Equity Release Supermarket.
Still you may want to look around for other news sites, RSS feeds, and blogs to keep updated. Any search engine can turn you onto articles like this one. However, you still want to read articles from an authority site. You want someone you can trust giving you the news and updates.
Thinking about Equity Release
News is certainly a great way to keep you thinking about retirement products you are getting closer to needing. There are still some things you will want to consider even if you read a news article about new products. Yes, keeping updated helps, but are the products in the news something you want? How can you decide what the right product is for you?
The best answer is to use a comparison site that tells you details about each product. You can also speak with advisers. Above all else consider what is most affordable for your situation and how much inheritance you want to leave behind. Perhaps you want to find news relating to home reversion versus equity release details on lifetime mortgage products as outlined above.
Home reversion is not in the news as much as it once was. It was under fire from media and the FSA, now the FCA because of misunderstandings about the products. Still you might find that selling a part of your home is a lot better than going with a lifetime mortgage that you eventually have to repay. This is another reason to keep updated with financial news on equity release.
Soon we might see other providers following suit. As mentioned earlier, one cannot tell what is happening in the equity release industry and any new developments unless they keep up to date with press releases for the latest equity release news to help them get hold of the best equity release deals.